What is UASF and BIP in Bitcoin: Everything You Need to Know

in #bitcoin4 years ago

Many of you might be aware of something known as a bitcoin fork. There has already been a lot of debate going on in the crypto world about this specific topic. However, many people and especially noobs to the crypto world might have heard about this thing called a UASF and BIP and been like whatttt. What are those? So if you happen to be on the flip side of things here, then I this post might be the place where you will say I know what those terms mean, after reading it. And then be like “Now I can be a part of these discussions and sound smart like other people.” Lol.

Alright, so let us dig in shall we?

Ledger Nano S

What is UASF

UASF is an acronym that stands for User Activated Soft Fork regarding bitcoin.

It was supposed to be an initiative to activate a bitcoin soft fork at a particular date and administered by a majority of full nodes rather than depending on miners. However, for achieving success in their endeavors participating nodes should have been a part of a so-called “economic majority,” i.e., users, exchanges and businesses with a significant hold over the bitcoin economy.

Earlier, a UASF was efficiently carried out to activate the P2SH soft fork. On Feb 25, 2017, an unknown or rather a secret contributor named Shaolin Fry suggested that UASF is used to enable Segregated Witness and later on published details in BIP148.

Additional info: UASF is also occasionally misspelled as USAF. USAF is not a standard acronym for anything concerning bitcoin or blockchain technologies. A UASF needs the coordination of 3 things: developer, industry, and user.

Alright, so now that we have some basic knowledge about UASF let us move on to the next thing that is a BIP. Then you guys can flaunt your knowledge to other noobs and probably direct them here as well. Lol.

What is a BIP in Bitcoin

BIP is the short form of Bitcoin improvement proposal.

According to Bitcoin wiki , ” A Bitcoin Improvement Proposal (BIP) is a design document for introducing features or information to Bitcoin. The BIP should not only provide a concise technical specification of the element but also a rationale for this proposed feature. This is the conventional way of communicating ideas since Bitcoin has no formal structure.

The first BIP (BIP 0001) was submitted by Amir Taaki on 2011-08-19 and described what a BIP is.”

Now a majority of you reading this post might be aware of the fact that any single entity or company does not govern Bitcoin, and it is because of this very fact that Bitcoin seems to be having no formal structure for proposing improvements in its protocol.

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Forks need to stop on BTC, they haven't added much value thus far.

Yes mate correct. But I think BIP is good for Bitcoin

This post is great.Thanks for the sharing this informative post

Thanks mate.

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